Marubeni Said to Consider Sale of Australian Power Station Stake

Feb. 7 (Bloomberg) -- Marubeni Corp., Japan’s biggest
grain-trading company, is considering a possible sale of its 30
percent stake in an Australian power station, said a person with
knowledge of the matter.

Tokyo-based Marubeni is in the early stages of assessing a
sale of its ownership in the Millmerran power station in
Queensland state, said the person, who asked not to be
identified as the details are private. Marubeni is being advised
by Rothschild, the person said.

Energy contributed almost 20 percent of Marubeni’s 47.1
billion yen ($502 million) profit in the three months ending
Dec. 31. Chief Executive Officer Teruo Asada has said the
company may sell some assets to cut its debt-to-equity ratio by
March 31. In May last year, the trader said it would purchase
Gavilon Group LLC for $3.6 billion, excluding debt.

The coal-fired power station generates 850 megawatts, or
enough to supply 1.1 million homes, according to its website.
Coal is supplied from the adjacent Commodore mine. Dutch power
generation company Intergen NV, owned by the Ontario Teachers’
Pension Plan and China Huaneng Group Corp., operates the plant.